Another Obama Green Energy Company Fails … Ener1 Received $118.5 Million Stimulus Grant Files for Bankruptcy
Another One Bites the Dust …
Ener1 received a $118.5 million stimulus grant and was supposed to double its production capacity and create 1,700 jobs, instead it is filing for bankruptcy. The company was supposed to made batteries for electric cars. A funny thing happened on the way to the Obama hand picked business winners and losers, free market capitalism … there is no market or demand for this product. Didn’t Barack Obama in this years SOTU just say he was going to continue to fund the car battery industry with government money and not cede it to China? Oops. Yet more tax payer dollars wasted.
Add another to the Obama back failed green energy companies
An Indiana-based energy-storage company, whose subsidiary received a $118.5 million stimulus grant from the Energy Department, filed for bankruptcy Thursday.
Ener1 is asking a federal bankruptcy court in New York to approve a plan to restructure the company’s debt and infuse $81 million in equity funding.
“This was a difficult, but necessary, decision for our company,” Ener1 CEO Alex Sorokin said in a news release. “We are extremely pleased to have the strong support of our primary investors and lenders to substantially reduce the company’s debt.”
The VP had previously visited the Indiana company and touted it as a new chapter in American history for energy and business; however, the only chapter it turned out to be was Chapter 11.
Red State may have a point, another Obama hand picked company has met the reverse Midas touch of “The One”. Erick says, look out Master Lock, all who have stock in it may want to sell.
Add Ener1 to the list of other Obama tapped green energy companies that have been given stimulus money that have failed miserably. NRO has the present tally: Solyndra, SunPower, BrightSource, and Tonopah Solar Energy. So far that is.